The company that produces the security paper for the Swiss franc and the Euro is going public.
North Vancouver-headquartered Fortress Paper Ltd. has launched a $40 million IPO on the TSX offering five million shares at $8 a share. The company will trade under the symbol FTP.
Net proceeds of roughly $35.6 million from the offering will be used to repay debt and finance about $21.9 million in capital upgrades for its security paper mill in Landquart, Switzerland, and its wallpaper mill in Dresden, Germany.
RBC Dominion Securities Inc., TD Securities Inc. and Raymond James Ltd. are acting as the IPO's underwriters.
The company reported 2006 revenue of $123.1 million and EBITDA of $11.4 million.